Former directors and officers of the
failed Oglethorpe Bank say they did
nothing to cause the bank to collapse
two years ago and that a Federal Deposit Insurance Corp. lawsuit is trying
to hold them responsible for not anticipating a national recession...
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Former directors and officers of the
failed Oglethorpe Bank say they did
nothing to cause the bank to collapse
two years ago and that a Federal Deposit Insurance Corp. lawsuit is trying
to hold them responsible for not anticipating a national recession virtually
no one saw coming.
Lawyers for the 11 former directors and officers rejected in an answer
filed Monday to the FDIC lawsuit all
substantive allegations against them,
including that they did not properly
monitor loans that led to the bank’s
demise and that they wasted some of
its money on themselves.
Atlanta lawyers John Brumbaugh,
Tracy Klingler and Timothy Lee, representing defendants Robert Strange
III and M. Frank DeLoach III who
answered the lawsuit for all 11 defendants, filed the answer in U.S. District
Court at Brunswick. The FDIC filed
its lawsuit Jan. 9.
The FDIC claimed in its lawsuit
that the defendants did not properly
monitor loans the Glynn County bank
made between 2007 and when federal
regulators closed it in January 2
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